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Stakeholder Proposals / Re: proposal to create bitXCD
« on: December 19, 2017, 02:42:44 am »I'm sure the info is available somewhere, but I'm too lazy to go searching... :-/ Nevertheless, I'm seriously interested in answers to the following questions:
1. What is the economic sense in an asset that has a fixed exchange rate to USD? Why should anyone not simply use USD instead?
2. Where does the "magic" value 2.7 stem from? Is there an economic reason for that value?
3. Can we be extremely sure that this value is not going to be redefined in the future?
3.a If we can't, we should have a plan how to handle such changes. Preferrably come up with a plan before creating the asset.
3.b If we can be sure, see question 1.
1. pegging with a powerful fiat is one of the ways of fiat design, HKD is also such kind of fiat, why HongKong government does not directly adopt USD or GBP but issue HKD instead? it's not easy to summarize but it make sense. if we would like to push CFTZ to come into Bitshares world, bitXCD is a better key that we can give to them than bitUSD.
2. officially defined.
3. not 100% sure, but 99.99% sure.
3.a if in future XCD relax peg to bitUSD, one choice for us is to create another smartcoin which peg to XCD but backed by BTS to replace bitXCD
and if we create bitXCD which peg to USD in a fixed rate, we are actually helping XCD.